TORONTO, ON – (May 5, 2022) – PesoRama Inc. (TSXV: PESO) (“PesoRama” or the “Company“), a Canadian company operating dollar stores in Mexico under the JOi Canadian Stores brand, today announces the grand opening of its 20th store in Mexico. This new store is PesoRama’s first street front location and is situated in Cuemanco, a burgeoning business hub in southern Mexico City, with a mix of large and small retailers, entertainment and dining options.
“Today is a day of celebration as we reach the milestone of opening our 20th store,” said Erica Fattore, President & Chief Executive Officer of PesoRama. “Our continued success demonstrates the effectiveness of our business model, strong market demand and the overall opportunity that the Mexican market presents. I am incredibly proud of everything our team has been able to achieve and will build on this growing momentum as we strategically expand throughout Mexico. Congratulations and thank you to the whole PesoRama team, our loyal customers and our shareholders who got us here.”
“After launching our operation in 2019, we are thrilled to celebrate the launch of our 20th store,” said Rahim Bhaloo, Founder & Executive Chairman of PesoRama. “Our simple, growth-oriented, business model addresses the gap between local bodegas and big box retailers, which has proven successful as we continue towards our goal of opening 500 stores over the next 5 years. As the only true dollar store in Mexico, we have cracked the code to finding success and growing our business.”
JOi Canadian Stores offers an unmatched value proposition in the Mexican market. Discounted general merchandise and everyday high-quality staples at affordable prices cater to a wide array of client segments. By strategically targeting high-traffic, easily accessible locations close to established major retailers with a complementing client mix, the Company is able to attract customers who desire convenience, and consistency.
“We are proud to have PesoRama’s store as a new retail presence in our city and shopping centre,” said Angeles Villareal, Marketing Manager of Pabellon Cuemanco. “PesoRama’s diverse value offerings are well suited to our community and we welcome the employment opportunities and foot traffic the store will bring to this area and shopping centre.”
PesoRama’s newest Mexico City store is in Pabellon Cuemanco Power Center
Join Our Live Stream on Instagram!
A live stream of the ribbon cutting and festivities will be held on JOi’s Instagram page on Saturday, May 7, 2022 at 3 PM local time in Mexico City (4 PM ET). Join us in celebrating and follow along on Instagram: joi.canadian.stores.mx_
About PesoRama Inc.
PesoRama, operating under the JOi Canadian Stores brand, is Mexico’s only true dollar store retailer. PesoRama launched operations in 2019 in Mexico City and the surrounding areas targeting high density, high traffic locations. PesoRama’s 19 stores offer consistent merchandise offerings which include items in the following categories: household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, confectionery and more.
For further information please contact:
Founder & Executive Chairman
President & Chief Executive Officer
This press release contains “forward-looking information” within the meaning of applicable securities laws, including, among other things, statements regarding the Company’s planned expansion, new store openings and expected future developments and other factors that have been considered appropriate. While the Company believes that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements, including due to changes in consumer behaviour, general economic factors, the ability of the Company to execute its strategies, the availability of capital and the risk factors which are discussed in greater detail in the “Risk Factors” section of the Company’s prospectus dated January 31, 2022 and filed under the Company’s profile on www.sedar.com. The statements in this press release are made as of the date of this release. PesoRama undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of PesoRama, its securities, or its financial or operating results (as applicable).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.